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Key Figures

Profit & Loss

mUSD

Western Bulk 

1H 2018

1H 2017

FY 2017

FY 2016

 FY 2015

Net TC result

21,3

15,1

40,5

4,4

 44,5

Administration expenses

-15,0

-14,4

-32,2

-23,7

 -35,4

EBITDA

6,3

0,7

8,3

-19,3

 9,1

Result for the period *

3,6

-2,1

4,3

-20,1

 7,2

Number of ships operated

146

143

140

125

 155

Net TC Margin per Ship Day (USD)

805

585

792

96

 785

Balance Sheet

mUSD

Western Bulk 

31.12.14

31.12.2015

 31.12.2016

 31.12.2017

30.06.2018

Non Current Assets

1,8

1,8

 2,6

 3,1

3,3

Bank Deposits **

57,2

52,7

 33,0

 57,2

51,7

Other Current Assets

138,8

62,8

 63,1

 41,1

75,8

Total Assets

197,8

117,3

 98,6

 101,4

130,8

Equity

66,9

47,1

 13,8

 20,2

23,8

Long Term Liabilities

6,3

 5,2

 36,3

 40,0

39,7

Short Term Liabilities

124,6

 65,0

 48,6

 41,2

67,3

Total Equity and Liabilities

197,8

117,3

 98,6

 101,4

130,8

All figures are based on Norwegian General Accepted Accounting Principles (N-GAAP)
*       FY 2016 figures are excluding USD -16.9m in losses, write-offs, provisions, and other impairment charges with no cash effect.
         FY 2015 figures are excluding USD -23.3m in write-offs.
**     Of which restricted bank deposits USDm 31.12.14; 10,3m, 31.12.15; 6,4m, 31.12.16; 6,3m, 31.12.17; 7,3m, 30.06.18; 8,6m.

The book equity amount as of 31.12.16 includes USD 15 million related to the private placement which was completed in March 2017, raising a total of USD 18 million.
The USD 15 million included at year-end equals the minimum amount which was guaranteed prior to year-end. The corresponding receivable for the subscription amount is included as Other current assets at the balance sheet date.